Research On Asset Securitization Of HengZao Expressway

Asset securitization is one of the most important since the 20th century innovative financial tools,at present,and equity financing,debt financing,has become one of the three main financing tools.Asset securitization for China’s economic structure adjustment and financing has good effect,at the same time to solve the problem of finance industry of our country highway construction investment is of great significance.Highway enterprises invest in the construction industry of our country has a large investment,low returns,long payback period,and with China’s policies on loan to build roads makes our country highway construction investment industry enterprises face the heavy debt burden,high cost of financing,financing difficult question.Asset securitization,as a kind of off-balance-sheet financing business financing tools,in the foreseeable future cash flow of the asset is based as financing basis,through the bankruptcy isolation,true sale and credit enhancement means of the underlying asset for packaging and issuance of asset-backed securities financing,asset securitization of off-balance-sheet financing characteristics can resolve the current highway construction investment industry enterprise financing difficult problem,power construction of highway investment industry enterprises to develop and grow.The article studies the scale jujube highway asset securitization problem,draw lessons from the domestic and foreign assets securitization in the study of research results,with micro macro analysis on China’s macroeconomic environment,asset securitization financing source,Hunan expressway debt paying ability,operation ability analysis,Hunan expressway by way of asset securitization financing become inevitable.Based on asset securitization project data and Hunan high speed change of the capital structure of the financial data of high speed,the cost of financing is analyzed,and the contrast analysis of scale jujube highway asset securitization cost compared with bank loans cost analysis of project financing,asset securitization will help to optimize the company’s capital structure and reduce the cost of financing.Finally conclude and summarize scale jujube highway asset securitization project brings revelation,and discuss how to improve and further development of asset securitization,from the aspects such as policy,law and market are proposed.